Regulatory Alerts2019-04-30 | Circular 7/2019Added
Circular 7/2019 — Modifications to Circular 3/2012
The Bank of Mexico modifies Circular 3/2012 to extend implementation deadlines for Circular 15/2018, enhance transparency regarding resource immobilization periods and cancellation consequences, and optimize immobilization times for payroll-linked credit payments. The regulation updates definitions for 'Payroll-Linked Credit' and 'Linked SOFOM E.R.', and imposes specific requirements on credit institutions regarding the authorization, preclusion, and reporting of payroll-linked credits, including a nine-month ban on offering new payroll-linked credits following a cancellation request.
More like this from BANXICO
We email you every new BANXICO publication the day it's published.
Topics
Share